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When can I get another mortgage after bankruptcy-short sale-foreclosure?

By Cheryl Powell - The Powell Team

Real Estate Agent with Southern Homes of The Carolinas - The Powell Team NC License# 202938

September 12, 2013 06:45 AM

If you or someone you know have had financial challenges such as a bankruptcy, foreclosure, short sale, deed in lieu of foreclosure or consumer credit counseling, you may be wondering WHEN CAN I GET ANOTHER MORTGAGE? I get this question almost daily, so thought I would share this chart with you. This criteria is subject to change, because various loan programs change their guidelines often, but as of today this is good information provided by a loan officer I know.

I'd love to help you throughout the process of working on your credit and achieving your goal of purchasing a home, so contact me anytime if I can help! I look forward to speaking with you soon.

Mortgage waiting periods after bankruptcy, foreclosure & short sale.


Cheryl Powell
ABR, SFR, Broker, Realtor
The Powell Team
RE/MAX Executive Realty
Mobile: 704-363-8902
cherylpowellrealtor@earthlink.net

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Kathy Stoltman

Ventura, CA

RETIRED

Cheryl, thanks for posting this. I think it will be valuable for many homeowners that have lost their homes.

Jun 09, 2013 01:49 AM

Cheryl Powell - The Powell Team

Southern Homes of The Carolinas - The Powell Team - Harrisburg, NC

Concord,Harrisburg & Charlotte NC Area Real Estate

You're welcome Kathy. I hope this chart will be useful to people hoping to buy another home as soon as possible and to agents trying to help their clients/customers.

Jun 13, 2013 01:26 PM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Cheryl, this is great information as many have gone through these processes in the last few years.

Jul 21, 2013 11:08 PM

Thanks Joan. There are definitely a lot of people who have experienced these situations during the past few years. Hopefully this information will help them plan for their future!

Jul 22, 2013 06:54 AM

Debb Janes

Nature As Neighbors - Camas, WA

Put My Love of Nature At Work for You

Cheryl - just had some clients ask me about this last week, Friday to be exact. They shortsaled nearly two years ago and want to stop paying rent. Thanks for the chart. D

Feb 03, 2014 01:32 AM

William Feela

WHISPERING PINES REALTY - North Branch, MN

Realtor, Whispering Pines Realty 651-674-5999 No.

Cheryl...This helps but I also have found that some of the local banks on smaller properties will look at today's current situation and keep it in house. but they are not easy to find.

Jun 29, 2014 11:02 AM

I'm seeing this subject come up more and more as well Endre. It's been long enough since the beginning of the economic downturn that the buyers who went through bankruptcy, foreclosre or short sale have recovered financially are now ready to buy again.

Jun 29, 2014 01:59 PM

I'm glad that the chart was helpful Debb. Although I found this to be helpful as well, since these guidelines could change at any time and may vary by lender, it is a good idea to check with with your preferred lenders and your buyer's lender to determine their current seasoning periods for these situations.

Jun 29, 2014 02:03 PM

Thanks for sharing your experience William. This chart only addresses FHA, VA, USDA and Fannie Mae/Freddie Mac Conventional loans. I agree that some banks and credit unions have in house loan programs that have completely different guidelines than these government backed programs, but I haven't seen any with lower seasoning periods than FHA. I'll have to check around and see what I can find!

Jun 29, 2014 02:08 PM

Roya Hatcher

RMCN - Mc Kinney, TX

CCRS

That is great information Cheryl! So you help clients with their credit as well?

Jul 02, 2014 02:56 AM

When can I get another mortgage after bankruptcy-short sale-foreclosure?

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